I'm about 3-4 weeks into my new lifestyle... And my plan to get out of debt. Things started getting real today.
I have a camper and a truck that both needed to go (I love them both but they are just not practical). 37k left on the camper, 36k left on the truck. I can't get rid of the truck without getting rid of the camper first, since I need the truck to pull the camper. Today I took the camper to a consignment shop and forked over 15k (From a signature loan) to cover the difference in what it will sell for compared to what I have left. That hurt :(.
Now next week I'll be putting the truck up for sale, I will net about 10k on that sale. So I'll be able to put a nice chunk of change back on that 15k loan I took out for the upside down of the camper.
I also cancelled all of my 18% APR credit cards (30k in debt) and just got approved for a debt consolidation loan of 12% to cover all of that debt for 5 years. I'm confident that I will NOT go back into using CC's any longer so I'm not worried about treating the symptom. A month earlier, I would have gone right back into CC debt after consolidating.
One more thing, I'm selling a website that I have built over the last year. It looks like I'll be pocketing around 30k from it. So that will help pay down that debt as well (it's not for sure yet which is why I pulled out a loan instead of waiting). I wanted to get it taken care of now.
Doing all of this planning, and then executing this last week has been a roller coaster ride. I told my wife earlier 'man it's hard work being responsible.'. Just whipping out a CC and paying for things, signing loans, making payments are so easy.
I've got my budget out now, the debts listed smallest to largest. And I'm ready to tackle what I have left after this dust settles.
Thanks PF, lots of great information here.
Submitted October 02, 2018 at 06:03PM by new2thishtorw https://ift.tt/2OzNSXK
